Information
Created: 14 January 2014
Creator:
Blockchain: Bitcoin / Counterparty
Description
LEET — The First Divisible Token
Just one day after TEST became the first user-created asset on Counterparty, another small experiment pushed the idea a step further. On 14 January 2014, a user created LEET — the first Counterparty asset that could be divided into smaller units.
Its total supply was 1,337 LEET, a playful reference to the old internet term “leet”, meaning elite. But the number itself was less important than what LEET demonstrated. Until then, a token could represent whole units. LEET showed that a user-created digital asset could behave more like a currency or a share, where each token could be split into tiny fractions. This was an important building block for the digital assets that followed. A blockchain token could now represent not just one thing, but a quantity that could be divided and transferred in fractions.
LEET was not an NFT, and there is no evidence that it represented a particular artwork or collectible.
Its importance was technological.
- TEST showed that users could create their own assets.
- LEET showed that those assets could be divisible.
- UNIT, a few months later, showed that their supply could be permanently locked
Together, these early experiments were helping establish the basic rules of digital assets on Bitcoin — rules that would later become fundamental to the world of NFTs.
Where to buy?
Counterparty collectables exist natively on the Bitcoin blockchain, where they can also be registered or acquired directly. Some have also been wrapped as Ethereum NFTs and are available on OpenSea. A wrapped item is a separate Ethereum NFT that represents ownership of the original Counterparty asset, rather than replacing it.